Core Viewpoint - The article discusses the launch of a new non-opioid analgesic drug, Benanilofen injection, developed by Yiling Pharmaceutical, aimed at addressing postoperative pain management, which affects nearly 70% of surgical patients in China [3][9]. Group 1: Market Context and Demand - In 2024, China's healthcare institutions are expected to have 312 million hospitalized patients, with 104 million surgical procedures, reflecting an 8% increase from 2023 [3]. - A significant portion of surgical patients experience moderate to severe postoperative pain, highlighting the need for effective pain management solutions [3][8]. Group 2: Product Overview - Benanilofen is designed for postoperative pain relief following abdominal and thoracoscopic surgeries, marking a significant advancement in the field of analgesics [3][9]. - The drug aims to optimize the postoperative pain experience by ensuring stable analgesic effects while enhancing safety [9]. Group 3: Company Strategy and R&D Investment - Yiling Pharmaceutical has shifted its focus from traditional Chinese medicine to include chemical drug development, with Benanilofen being its first approved chemical patent drug [12][14]. - The company has significantly increased its R&D investment from 240 million yuan in 2016 to over 900 million yuan in 2024, representing 13.94% of its revenue [12][13]. - Yiling's R&D pipeline includes nine new traditional Chinese medicines and four innovative chemical drugs, indicating a robust commitment to drug development [13][14]. Group 4: Competitive Landscape - The launch of Benanilofen is expected to disrupt the postoperative pain management market, traditionally dominated by imported drugs, by providing a safer and more effective local alternative [17][18]. - Clinical trial results place Benanilofen among the top non-steroidal anti-inflammatory drugs, showcasing its competitive edge in the market [17]. Group 5: Industry Implications - The success of Yiling's chemical drug development serves as a reminder to local pharmaceutical companies that true innovation lies in addressing unmet clinical needs rather than merely following market trends [18].

（文章来源：证券日报） 证券日报网讯 1月23日，以岭药业在互动平台回答投资者提问时表示，公司限售A股主要为高管锁定 股。公司已于1月23日披露2025年度业绩预告（公告编号2026-004），请查阅参考。 ...

Core Viewpoint - Yiling Pharmaceutical focuses on the research, production, and sales of patented innovative traditional Chinese medicine while actively expanding into biopharmaceuticals and the health industry, creating a synergistic development model in the pharmaceutical health sector [2] Group 1: Business Overview - The company's main business involves the research, production, and sales of patented innovative traditional Chinese medicine [2] - Yiling Pharmaceutical is also developing biopharmaceuticals and health industry initiatives, aiming for a collaborative growth model [2] Group 2: Product Development - The company has disclosed detailed information regarding its products under research in its periodic reports [2]

以岭药业 1月22日，以岭药业（002603.SZ）发布2025年度业绩预告。公司预计，2025年度归属于上市公司股东的 净利润为12亿元–13亿元，同比扭亏为盈，标志着经营层面的关键性拐点初步显现。 在宏观环境承压、行业竞争白热化的背景下，这份成绩单是以岭药业长期坚持"研发驱动"与"管理提 效"双轮战略进入收获期的明确信号。 2025年前三季度，公司已实现营收58.68亿元，归母净利润10亿元，同比增长80.33%。据此测算，第四 季度单季净利润约为2亿至3亿元。 这一变化背后，是公司强化全链条成本控制、推动"提质增效"管理变革的直接成果。以岭药业在公告中 指出，2025年是以岭药业"七五"规划的攻坚之年。在宏观环境偏弱、行业竞争加剧的背景下，公司管理 层保持战略定力，坚持"着眼长远发展"的总体思路，一手"外拓市场"、一手"内抓管理"，推动主业经营 走出恢复性上行通道。 | 项目 | 本报告期(2025年1-12月) | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利:120,000 万元-130,000 万元 | 亏损:72.451.56 万元 | | 扣 ...

Core Viewpoint - Yiling Pharmaceutical (002603.SZ) is expected to turn a profit in 2025, with net profit and net profit excluding non-recurring items projected to reach between 1.2 billion to 1.3 billion yuan, and basic earnings per share expected to rise to between 0.72 yuan and 0.78 yuan [1][2]. Financial Performance - The net profit attributable to shareholders is forecasted to be between 1.2 billion and 1.3 billion yuan, a significant recovery from a loss of approximately 724.5 million yuan in the same period last year [2]. - The net profit excluding non-recurring items is also expected to be between 1.2 billion and 1.3 billion yuan, compared to a loss of about 792.5 million yuan in the previous year [2]. - Basic earnings per share are projected to improve to between 0.72 yuan and 0.78 yuan, up from a loss of 0.43 yuan per share in the prior year [2]. Strategic Initiatives - 2025 is identified as a critical year for the company's "13th Five-Year Plan," focusing on long-term development amidst market complexities and competitive pressures [3]. - The company is enhancing budget management and establishing a comprehensive cost control system, leading to improved profit margins [3]. - Significant investment in R&D, with 544 million yuan allocated in the first three quarters of 2025, representing 9.27% of revenue, positions the company as a leader in the traditional Chinese medicine sector [3]. Product Development - Core products such as Qiliqiangxin Capsules and Tongxinluo Capsules have received validation from international medical journals, supporting their market promotion [3]. - The company is seeing notable sales growth in patented traditional Chinese medicine products, with Baizi Bujin Capsules becoming a major OTC product exceeding 100 million yuan in sales [3]. Expansion into Chemical Drugs - The company is actively expanding into the chemical drug sector, with several innovative drugs entering clinical trials [5]. - The approval of the chemical drug Anilofen Injection, the first patented chemical drug from its subsidiary Yiling Wanzhou, marks a significant milestone for the company [5]. - Anilofen Injection is positioned as a new treatment option for postoperative pain management, enhancing the company's product pipeline in the chemical drug market [5]. Industry Context - The continuous decline in traditional Chinese medicine material prices since mid-2024 has positively impacted the company's performance, alleviating cost pressures [6]. - The comprehensive price index for traditional Chinese medicine materials has decreased from nearly 3600 points in July 2024 to 2556 points by January 2026, returning to early 2021 levels [6]. - Analysts from various firms have recognized the company's strong R&D and sales capabilities, suggesting a valuation premium due to its strategic positioning in both traditional and chemical medicine sectors [6].

Core Viewpoint - The company forecasts a turnaround in net profit for 2025, projecting a net profit of 1.2 billion to 1.3 billion yuan, compared to a loss of 725 million yuan in the same period last year [1]. Group 1: Performance Preview - The company anticipates a recovery in revenue for 2025, aligning with its strategic focus on long-term development and market expansion [2]. - The company has implemented comprehensive budget management and a full-chain cost control system, leading to a significant improvement in profit margins, with a gross margin of 60.5% in Q1-Q3 2025, up 7.1 percentage points year-on-year [2]. Group 2: New Product Approvals - The approval of Anilofin injection is expected to provide a new treatment option for postoperative pain management, particularly for abdominal and thoracoscopic surgeries [2]. - The company has received approval for the chemical raw material drug "Dapagliflozin" and the registration certificate for "Valaciclovir Hydrochloride Tablets," while the clinical trial application for the traditional Chinese medicine "Qilong Dingchuan Tablets" has been accepted [2]. Group 3: Profit Forecast and Valuation - The company maintains its net profit forecasts of 1.21 billion yuan for 2025 and 1.39 billion yuan for 2026, with an introduction of a 2027 net profit forecast of 1.6 billion yuan, reflecting a year-on-year growth of 15.0% for both 2026 and 2027 [3]. - The current stock price corresponds to a price-to-earnings ratio of 22.0 times for 2026 and 19.1 times for 2027, with a target price of 21.40 yuan, indicating a potential upside of 16.7% from the current price [3].

Core Viewpoint - Yiling Pharmaceutical has achieved a dual benefit with the approval of its new drug, Anilinofen Injection, and a positive profit forecast for 2025, marking a significant step in its transition to a dual-driven model of traditional Chinese medicine and chemical drugs [1][2]. Group 1: Financial Performance - Yiling Pharmaceutical expects a net profit of 1.2 billion to 1.3 billion yuan for 2025, successfully turning a profit [1]. - The company has maintained high R&D investment, with 544 million yuan spent in the first three quarters of 2025, accounting for 9.27% of its revenue [2]. Group 2: Product Development - Anilinofen Injection is the first patented chemical drug developed by Yiling Wanzhou and is aimed at the postoperative analgesia market [1]. - The approval of Anilinofen Injection enhances the company's product pipeline and is expected to contribute to new cash flow, supporting further R&D investments [2]. Group 3: Market Opportunity - The postoperative analgesia market is experiencing rapid growth, with 104 million surgical procedures expected in 2024, an 8% increase from 2023 [1]. - The approval of Anilinofen Injection provides a new treatment option for postoperative pain management, aligning with clinical guidelines emphasizing the role of non-steroidal anti-inflammatory drugs [1]. Group 4: Strategic Direction - Yiling Pharmaceutical has established a "one body, two wings" strategy, focusing on traditional Chinese medicine while expanding into chemical drugs and health products [3]. - The approval of Anilinofen Injection signifies a key milestone in the company's strategy, transitioning from a traditional Chinese medicine leader to a comprehensive pharmaceutical enterprise [3].

经济观察网2026年1月22日，以岭药业（002603）发布2025年度业绩预告，预计2025年净利润12亿元至 13亿元。扣除非经常性损益后的净利润12亿元至13亿元。 ...

Group 1 - The core point of the article is that Yiling Pharmaceutical (002603.SZ) has forecasted a significant turnaround in its financial performance for 2025, expecting a net profit of between 1.2 billion to 1.3 billion yuan, compared to a loss of approximately 725 million yuan in 2024, indicating a successful recovery and substantial profit growth [1] - Yiling Pharmaceutical's wholly-owned subsidiary, Yiling Wanzhou International Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for its first independently developed chemical drug, Manshuan (Phenylacetone Injection), marking a significant milestone for the company [1][3] - The approval of Phenylacetone Injection provides a new treatment option for postoperative pain management, particularly in abdominal and thoracoscopic surgeries, aligning with the guidelines from the Chinese Medical Association [3][4] Group 2 - According to the National Bureau of Statistics, there were 312 million inpatient admissions and 104 million surgical procedures in China's medical institutions in 2024, reflecting an 8% year-on-year increase from 2023, indicating a growing market for postoperative pain management solutions [4] - In the first three quarters of 2025, Yiling Pharmaceutical achieved operating revenue of 5.868 billion yuan, with net profit exceeding 1 billion yuan, representing a year-on-year increase of 80.33%, and a 90.53% increase in net profit after excluding non-recurring gains and losses [4] - The company emphasizes that 2025 is a critical year for its "13th Five-Year Plan," focusing on long-term development amidst market complexities, enhancing management, expanding market reach, and implementing a comprehensive cost control system to improve profit margins [4]

Core Viewpoint - Shijiazhuang Yiling Pharmaceutical Co., Ltd. announced that its wholly-owned subsidiary, Yiling Wanzhou International Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the marketing authorization of Benanluofen Injection, marking a significant milestone for the company in expanding its pharmaceutical product pipeline [1][2]. Group 1: Drug Approval Details - Benanluofen Injection is the first approved chemical patent new drug from Yiling Wanzhou, classified as a non-steroidal anti-inflammatory drug (NSAID) used for postoperative pain management in abdominal and thoracoscopic surgeries [3][4]. - The drug has been granted a registration certificate with the approval number H20260006, and it is produced by Hebei Kaiwei Pharmaceutical Co., Ltd. [2][3]. Group 2: Market Context and Impact - According to the National Bureau of Statistics, in 2024, there will be approximately 312 million inpatient admissions and 104 million surgical procedures in China, reflecting an 8% increase compared to 2023 [3]. - The approval of Benanluofen Injection provides a new treatment option for postoperative pain management, aligning with the guidelines from the Chinese Medical Association for perioperative pain management [4]. Group 3: Financial Outlook - For the fiscal year 2025, the company anticipates a positive net profit, indicating a turnaround from previous losses, driven by strategic market expansion and enhanced management practices [6][8]. - The company aims to achieve a recovery in revenue growth while implementing a comprehensive cost control system to improve profit margins [8].